MONTHLY PAYROLL PERIOD
Subtract from your total monthly earnings (including longevity or hazardous duty payment) $325.00 for each exemption claimed on the W-4 form and the following employee deduction items- (1) Group Medical, Dental, Vision and ADD Insurance(s) (if in the Tax Saver Plan), (2) Teacher Retirement or Optional Retirement, (3) Tax Sheltered Annuities, (4) Deferred Compensation Plan, and (5) Tax Saver Plan Spending Account. Refer to Circular E Tax Table.
Social Security - (OASI Portion-FICA) - The employee will pay 6.2% to maximum earnings of $113,700 for this calendar year. Wages paid in excess of $200,000 in 2013 will be subject to an extra 0.9% Medicare tax that will only be withheld from employee wages. Employer will not pay the extra tax.
(OAHI Portion-Medicare) - The employee will pay 1.45% on all earnings (no maximum) for this calendar year. Students may qualify for FICA/Medicare exemption. See explanation regarding exemption on "Student FICA Guidelines".
Teacher Retirement (TRS) - The present employee contribution for TRS is 8.0% of gross earnings and the State contribution is 7.75%
Optional Retirement Program (ORP) - The present employee contribution for ORP is 6.65% of gross earnings and the State contribution is 6.6% (or 8.50% if enrolled prior to 9/1/95.)